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Stocks surge, dollar rallies as US and China pledge to slash tariffs
Bangkok Post Group
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5/13/2025
Wall Street stock futures surged, the dollar rallied and gold prices slumped on Monday as U.S. and Chinese officials pledged to slash reciprocal tariffs in a move that swept trade war fears out of global markets, at least for now. - REUTERS
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Wall Street's stock futures surged, the dollar rallied and gold prices slumped on Monday
00:06
as US and Chinese officials pledged to slash reciprocal tariffs.
00:10
The move swept trade war fears out of global markets, at least for now.
00:15
Following weekend talks in Geneva, a joint US-China statement on Monday said that both
00:20
sides would drop trade levies.
00:23
Futures tracking Wall Street's S&P 500 index were 2.6 percent higher and contracts following
00:29
the Nasdaq 100 index jumped 3.8 percent.
00:33
In early European trading, Germany's DAX rose 1.5 percent to a record high.
00:38
And the regional stock 600 was also up, while safe haven spot gold dropped 3 percent.
00:44
Arthur Brunner is a fixed income specialist at ICF Bank.
00:48
A reasonable movement of goods is possible again at the moment.
00:52
The beneficiaries of this were semiconductors.
00:55
For example, Infineon is the strongest stock on the DAX today.
00:58
The automotive industry and also chemicals, especially BASF, which are up significantly
01:04
today.
01:05
US Treasury Secretary Scott Besant told reporters the two sides had agreed on a 90-day pause on
01:11
measures and that tariffs would come down by over 100 percentage points to 10 percent.
01:17
An easing in geopolitical tensions also boosted the mood, as a fragile ceasefire held between
01:22
India and Pakistan.
01:23
Plus, Ukrainian President Vladimir Zelensky said he was ready to meet Vladimir Putin in
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Turkey on Thursday on Thursday for talks.
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